IND0-SINGAPORE
TRADE HIGHEST IN ASEAN COUNTRIES
RUDY
EMPHASISES CLOSER TIES WITH SINGAPORE
India’s trade
with Singapore was the highest out of ten ASEAN countries during
2001-02 at US $ 2.26 billion. Also, Singapore was the largest
investor in India from the ASEAN region in terms of actual FDI
inflow at US $ 420.4 million during August 1991-June 2002. Shri
Rajiv Pratap Rudy, Minister of State for Commerce & Industry,
indicated this, here today, in an interactive meeting with Mr.
George Yeo, Minister for Trade and Industry of Singapore. Shri
Rudy emphasised the importance of Singapore in enhancing and furthering
India’s economic cooperation with the ASEAN region. The Minister
pointed out the vast potential of cooperation with Singapore in
the areas of pharmaceuticals, biotechnology, information technology
and knowledge industry. Mr. Chak-Mun See, High Commissioner of
Singapore in India and Shri R.S. Lodha, President, FICCI were
present at the meeting along with representatives of trade &
industry from both countries, senior officials of the Ministry
of Commerce & Industry and External Affairs.
Shri Rudy gave
a detailed account of the economic reforms initiated by the government,
especially measures taken to foster knowledge-based industry.
Laws and regulations based on convergence would support these
initiatives in enhancing the commercial linkages between the two
countries, he said. During the meeting, the thrust areas identified
for enhancing bilateral cooperation were, IT & Telecom, Infrastructure,
Special Economic Zones, Human Resource Development, Financial
Services, Biotechnology and Entertainment.
In his address,
Mr. Yeo said that the economic scenario in South East Asia had
undergone a tremendous change within last few months and Singapore
could become an extension of India in South East Asia. India’s
future required her to look eastwards and in this respect, Singapore
would prove very important, he added.
Major Indian
exports to Singapore includes gems & jewellery, electronic
goods, oil meals, drugs, pharmaceuticals and fine chemicals whereas
major Indian imports comprises electronic goods, machinery except
electric and electronic machinery, organic chemicals, printed
books, newspapers, journals etc.
